Old Colony Phases Four and Five Boston, MA
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“We certainly welcome the HIT’s investment, but we welcome as much the fact that they're investing in projects that have a greater purpose.” —Kate Bennett, Administrator, Boston Housing Authority


The AFL-CIO Housing Investment Trust is helping to finance the combined $162.8 million developments of Old Colony Phase Four and Phase Five near South Boston’s waterfront. The green, affordable housing projects will have a combined 208 residential rental units. The Phase Four and Phase Five developments will be comprised of two six-story buildings that will include elevators and units ranging from one- to four-bedrooms.

The development is part of the Old Colony Master Plan, which is the Boston Housing Authority (BHA) and the City’s strategic vision for the redevelopment of 845 public housing units. The long-term redevelopment project being carried out by the BHA will ensure that the Anne M. Lynch Homes at Old Colony is built to fit the design of the larger South Boston neighborhood.


Through the HIT’s long-term collaboration with MassHousing and the BHA, the HIT has financed all phases of the Old Colony redevelopment to-date. For Phase Four and Phase Five, the HIT committed to finance $27.4 million and $26.0 million, respectively. Part of the HIT’s Massachusetts Housing Initiative, this commitment brings HIT’s total investment to $240.4 million for 758 units of public housing redeveloped in eight phases at Old Colony thus far.


All units will be subject to income-restrictions, with 28 units affordable to households at or below 30% of Area Median Income (AMI) and the remaining 180 units affordable to households at 60% of AMI. All Old Colony Phase Four and Phase Five residents will have access to health and educational opportunities at the Tierney Learning Center which is located across the street.

Both buildings are designed to Passive House standards, which include ensuring an extremely high level of energy efficiency as a prerequisite for cost-effective operation and climate protection, and the Sponsor intends to seek Passive House certification upon completion. The project will also meet the City of Boston’s Climate Resiliency Standards. Moreover, Old Colony Phase Four and Phase Five will be located approximately a half mile from the Andrew Station on the MBTA Red Line, making it a Transit Oriented Development.

*Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT project data. The data is current as of December 31, 2022. Economic impact data is in 2022 dollars and all other figures are nominal.

This page provides information about a project or projects financed by the HIT which may or may not be reflective of other financed projects or refer to an asset currently held in the HIT’s portfolio. Investors should consider the HIT’s investment objectives, risks, charges, and expenses carefully before investing. This and other information is contained in HIT’s prospectus, available at aflcio-hit.com or by calling 202-331-8055. The prospectus should be read carefully before investing.